danbrown

The word ‘hack’ is ambiguous in the digital realm. It takes a variety of meanings under different contexts. But when it comes to the blockchain, to hack is to have power over it, thus possessing control over more than 51 percent of the computers interlinked to it, which is impossible. How does blockchain work? The Blockchain technology   is an immutable ledger. A set of entries is called a block and multiple blocks linked one after the other together constitute the blockchain. They are shared with all the users in the network. The ledger data is validated through a common consensus mechanism. The entries on the ledger are made immutable by several computers performing computations to validate them. This is called hashing the block.  Hashing involves crypto-encrypting the entries. Each block has a heading entry that denotes the link to the previous block. This helps in identifying the sequence. Hash algorithms ensure the changes made during encryption by subsequently changing ...

The blockchain technology uses cryptography and distributed databases to record transactions.  The data are stored in an immutable way in an ever-growing system that contains interlinked ledgers, which are all synced with the same information.  Although blockchain technology is still naive, it’s a cryptographic decentralized, secure system that has created positive impacts in many sectors, especially in the core banking and financial industry. Few banks have already implemented blockchain technology for strengthening their business and maximizing business profits and have a surplus international currency. Now let us discuss the key impact areas in the banking sector .   Key impacts of blockchain in the banking sector. Complete transparency and mitigation of data redundancy Blockchain technology's uniqueness lies in its decentralized series of independent and interlink nodes module, which records the data in the ledger format and makes sure that there is no...